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Https://www.fool.co.uk/2023/08/31/should-i-rush-to-buy-asos-shares-while-theyre-still-under-5/

Found support at £4.58* and will play for its next major resistance at £5.68

Charts looking good for this. I think we might have found support at £5.58 and next week this should meet its next resistance at £5.68 but there Payroll data is due out at 1:30pm , which could lead to some disappointment in the market later this afternoon and of course the profit takers.

Markets expect the Bank of England to hike its rates today for a 14th time in a row from 5.00% to a 15-year

high of 5.25%. However, as inflation continues to remain resilient and the highest of the world’s major

economies, there is a risk of a reoccurrence of June’s surprise hike of 50 bps. -- Not convinced this will help Share price test the £4.42 which is the next resistance here

The golden cross is a momentum indicator, which means that prices are continuously increasing—gaining momentum. The 20 SMA is crossing the 50 SMA. I believe we are in the second stage i.e , the shorter moving average crosses over the larger moving average to trigger a breakout and confirms a downward trend reversal. The most commonly used moving averages in the golden cross are the 50-day- and 200-day moving averages. Generally, larger periods tend to form stronger, lasting breakouts, we are not quite there yet but it is headed in the right direction. I would like to see it breach £4.22 today and establish this as a support and then the next resistance is £4.50

Thanks West6809 - this does indeed just appear to be a breakout rather than any significant and specific news . The FTSE and European stocks appear to be muted this morning ahead of the (expected) FED's interest rate Hike announcement. Be good to see it find support above the £4.17 today but I will take a Green day

Very nice surprise indeed , NASDAQ and the FTSE are fairly stagnant and this shoots up 6% randomly. Either way the play is for £4.17 now - Like I said we shall see tomorrow (news or just a price correction / reversal)

Looking at the candlestick chart I see 'Bullish Harami Cross' - so this could indicate that the down trend is pausing. If it is followed by another up day, more upside could be forthcoming. If there is no news then this is the only explanation. We shall see tomorrow

NASDAQ finished 2.28% in the Red last night. Dax and Nikkei also closed with losses. The FTSE is muted this morning as reports of UK government borrowing falling but debt still highest since 1961 - I think we will struggle to see ASOS breach the £4.16 today and every chance of a pullback. Will have to wait for next week now for ASOS to test the £4.16

Hi Knowbodyyouknow - I draw my own charts on TradingView.

£3.88 is the 50 day SMA and the next resistance; that is what we like to see it breach. UK CPI fell at 7.9% for June and the RNS today has helped improve sentiments - slowly but surely.

I don't consider myself a chartist either LWHL, but the signals are all bearish at the moment and has been the the last few trading sessions (even when the closing price has ended in green) - I also agree with the chart acting as a guide inline with other catalyst factors in the market i.e the FTSE 100 remains in the red this afternoon ahead of key UK inflation data this week that could sway the markets and influence the Bank of England's next monetary policy path.

I see a Bullish Engulfing Pattern forming on the chart - Seems bulls having established some control, and the price could head higher; This is good news given that GDP fell by 0.1% in May (given that it is smaller than the anticipated 0.3%) owing to the industrial action and extra Bank Holiday. Seems to have found support at £3.79 - lets play for £4.17 next with still the rest of today / tomorrow trading session to go.

Needs to breach £3.89 and then can test £4.16 (next major resistance); if sentiments increase then no reason why we can't be at over £10 come year end. But of course lots of hardships yet to come along the way - with BoE warnings of over £500 mortgage rate hike for over 1 million household in the coming months / next year. I did say last week, this week could see price action just on macro economics news this week

Decent increase here just on this news: Asos PLC, up 4.2% at 355.00 pence, 12-month range 320.33p-1,181.00p. Asos shares are on the charge after a difficult period recently for the stock. A decent update from footwear seller Shoe Zone PLC lifted sentiment towards the retail sector. Shoe Zone said trading since has "significantly exceeded" management's expectations. Asos shares are down some 65% from a year-to-date closing peak of over 980p.

Seems to have found new support at £3.31 (given the sea of reds across the board in the market yesterday and not much better today); this is not bad at all. Some work needed to cover lost ground and we could be on our way back to £3.55. Easily clawed back - lots of economics data (for May) due to be released next week i.e Unemployment rate / Average Earnings Index data, GDP MoM, Manufacturing production MoM. Lets see - this share is for those prepared for the long haul imo

Nothing to panic about here exponentially . A sea of red's today due to interest rate hike fears. So it is all thanks to the UK macro climate. Short term we will see £4.18 again (soon) but in the interim, just have to watch the price test recent lows again.

For the last 3 days, each trading session opens at a similar price to the previous day, but selling pressures has pushed the price lower and lower with each close.

I am interpreting this as the start of a bearish downtrend, as the sellers have overtaken the buyers during three successive trading days.

We are now testing the support, so if it doesn't hold up, we could see this reach lows of £3.30's again

Doubt it Dooby. FTSE muted today and Wall Street observing 4th of July. Patience .

Markets plateaued. Nothing to shout about today with the share price for the likes of BooHoo, Superdry, JD Sports, N Brown Group. So in my view ASOS share price is also in line with peers today. Unless, there is some random adverse news, I cannot see ASOS share price slipping below £3.54. It will bounce around this support and the next resistance of £4.54 over the coming days / weeks. But I concur with several of the posters here that long term the SP will recover (I am not saying we will see highs of £50 anytime soon but 12-24 months high teens/ low twenties is wholly possible